Whichever party wins the White House in November, they will not have long to celebrate. On December 31st a slew of existing tax cuts will expire and some brand new Obamacare taxes are set to come on line.
All of the Bush tax cuts are set to disappear, which means the rate everyone pays on the first $8,700 of wages will jump from 10 percent to 15 percent. The Social Security payroll tax will jump back to 6.2 percent from 4.2 percent. And new Obamacare taxes on investment income will also hit for the first time. According to The Washington Post, the total ‘taxmageddon’ bill is scheduled to take about $500 billion out of the private economy 2013 alone.
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